New Delhi: Now the account of the Mahila Samman Saving Certificate Scheme (MSSC) can be opened in government and private banks. However, this facility will be available only in some private banks. All private banks will not be able to open the account in this scheme started for women. It was announced to start this scheme in the budget for 2023. Till now MSSC could be opened only in post offices. Now the Ministry of Finance has issued a notification regarding the opening of accounts in banks as well.
It has been told in the notification that apart from government banks, the facility of investment in Mahila Samman Savings Certificate will also be available in ICICI, Axis, HDFC, and IDBI Bank. To operate this scheme, banks have to fulfill certain conditions. Banks should have dedicated software to operate National Savings Schemes. The government has asked the banks to manage and offer the scheme through online mode in all their branches.
Announced in the budget
Finance Minister Nirmala Sitharaman announced this scheme in the Union Budget 2023-24 for the empowerment of girls and women. From April 2023, the facility to open a Mahila Samman Saving Certificate account was made available in 1.59 lakh post offices in the country. Now by allowing banks to open accounts under this scheme, investment in Mahila Samman Saving Certificate Scheme is expected to increase.
Plan is successful
Mahila Samman Savings Certificate scheme is very much liked by women. In two months of launching, 5 lakh women have invested money in this scheme. By the end of May, a total investment of Rs 3,636 crore had been made in this scheme. This means that on average, women investors have invested more than Rs 73,000 in it. The maximum investment limit in this scheme is two lakh rupees.
7.5 percent annual interest (MSSC Interest Rate) is available on the money invested in Mahila Samman Saving Certificate. Investment can be made in the scheme only till March 2023. Only women can open accounts under Mahila Samman Saving Certificate Scheme. Guardians can open accounts in the name of minor girls. TDS is not deducted from the investment, but the interest received by the investor will be taxed as per the tax slab.
